update on the offer I made on the house

[firedancer49]

That sucks, but that's how it was here. We ended up asking a little bit above asking, the agent wrote a letter with it, and we got it. In the end, we found out we were not even the highest.

[sergey]

Such a stressful decision. Good luck!

[Deleted]

We had to go in over asking, and we had 33% down and a letter from a private banker stating his bank would handle the financing. We didn't get the first house we bid on, we did get the second. I don't know how people with 15% down are getting in to the market. We are selling our other houses in case it is a bubble though.

[starlily]

Jul 11, 2013 11:32:39 GMT -5 elle said:

We had to go in over asking, and we had 33% down and a letter from a private banker stating his bank would handle the financing. We didn't get the first house we bid on, we did get the second. I don't know how people with 15% down are getting in to the market.

By buying new construction - at least that was the only way we were able to buy.

[angelaa73]

Huh? We bought a place a couple Of months ago with 10% down, no sweat. And got 5k back at close with a 3.25 rate. But we used sellers agent...

[Deleted]

Jul 11, 2013 12:25:54 GMT -5 angelaa73 said:

Huh? We bought a place a couple Of months ago with 10% down, no sweat. And got 5k back at close with a 3.25 rate. But we used sellers agent...

The market did a line of coke last month. It exploded.

[Deleted]

Good Luck. The market right now is crazy in many places. I don't think that you necessarily have a bubble going on and there are a couple of factors to think about. Most of the homebuilders are starting to ramp up their production again and are actively looking to buy land which is a very good sign. Most of them though are being very cautious and are only buying land to last them the next 3-5 years with slow production planned. They also slowed production of new homes quite significantly from 2005 going forward so right now there is actually a housing shortage in most markets (Less supply due to the builder slow down). Many people have re-established their credit if they dumped their homes early in the down turn and are looking to take advantage of lower rates. I interpret this as it is going to be quite competitive for quite some time and that home values will only increase as the demand continues. It will be interesting to see what your Realtor comes back with.

[julez]

The market is insane here, too. We've had two houses on our block sell on the day they were listed just in the last 3 weeks.

[mrsjuleshs]

The homes in my neighborhood have always sold very quickly. There is currently only 1 on the market and it just went on the market this week. It will probably have an offer pending by the end of the week.

[Deleted]

We also sold our house in Santa Barbara without even putting it on the market, and are listing our condo today and expect to sell it by tomorrow and close escrow in a week. It is insane.

[julez]

And jeez... I am SO rude! Good luck to you.

[gretchenindisguise]

Fuck me and my non-bubble area.

Stupid middle.

[juliagoulia]

I wish that would happen here. We just pulled our house off after 8 months with 0 offers. Blah.

I hope you get the place :-)

[snickers]

So stressful, but good luck!!